Lukoil to Invest $5.5 Billion

LUKoil may need to invest up to $ 5.5 billion after winning rights to explore for oil and gas in a Caspian Sea field. The field may hold an estimated 300 million tons of oil and gas reserves, according to the company.

The "prospective block is situated in the Caspian offshore in water depths of 200 to 700 meters,'' LUKoil said.

LUKoil is planning to develop the Yalama-Samur prospective block under production-sharing agreement terms that may give tax breaks.